The New Zealand Dollar (NZD) has extended its push higher against the British Pound (GBP) Monday. Being down around 0.4963 (2.0150) it has reached 0.5055 (1.9780) this morning. UK Inflation is due tomorrow with “services” inflation projected to be higher than forecast after seasonal adjustments. This could lower chances of the Bank of England increasing rates if core inflation comes in line or lower. At the moment, predictions are for the BoE to pause in June but hike again in August. Tomorrow we also have the RBNZ where the consensus is for the central bank to hike from 5.25% to 5.50%. This could give the NZD further momentum.
Current Level: 0.5061 (1.9758)
Resistance: 0.5085 (2.000)
Support: 0.5000 (1.9670)
Last Weeks Range: 0.4963-0.5058 (1.9770-2.0146)